Many people think of rental property investing as a means to an end, perhaps a way to grow wealth or plan for retirement. What can often be overlooked is the impact on the lives of residents and the community in which you invest.
Residents
When you allow for someone to rent your property, you create trust between them and you. They trust that you will provide for safe and comfortable housing and you trust that they will follow the guidelines outlined in the lease and of course pay on time. Often, landlords focus on that latter and not the former. If more landlords were attentive to the human factor, prompt in serving tenants and improving the property, more residents and communities could be immensely impacted. Remember, often times, tenants are renting for a reason. Perhaps they do not currently have the means to purchase a house or have difficulty finding safe and decent housing in their price range. As the property owner, you have the opportunity to offer this basic need, allowing for them and their children to flourish.
Communities
When landlords improve their properties and have high quality residents who maintain the property, the community benefits. What was once seen as a dirty or unsafe block becomes attractive and even desirable. The neighborhood wealth grows and the children in the community experience a higher standard of living without even moving! All it takes is pride in your property. When you choose great tenants, they share the same pride of ownership and high standards for maintaining your property. Be an example in your network!
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– How To Use Your 401k To Invest In Real Estate
